The Bad Elements In Your Credit Report
Topics: Credit Report, check credit report, personal credit report
The most important details about each individual are contained in their credit reports. This includes their name, Social Security Number, date of birth, driver’s licenses number, residences, employment history, payment history, and legal records.
The credit report is what all lenders look into when considering consumer applications. Whenever you apply or open a new account, the details about it would be reflected in your credit report. Aside from lenders, insurers, employers and landlords also check individual credit reports to evaluate credit worthiness or credibility of a person.
Having a poor credit history can make it very difficult for someone to get approved for a loan or a new account. Furthermore, not having any credit history to show also makes it harder for anyone to seek approval from lenders.
But just establishing credit history is not enough. Each one should work on maintaining a good credit history to avoid complications. What factors can damage your personal credit report? Consider the following bad elements:
Unpaid Balances. Unpaid balances for 6 months or more can be counted as “charge-offs” or “uncollectible debts”. Charge offs or uncollectible debts will be a part of your credit report for up to seven years unless these balances have been settled. Once charges have been paid, you should request the credit bureaus to remove these remarks from your credit report.
Accounts in collection. When a creditor hires a third party debt collector to collect your payments, it would also be noted in your credit report and could hurt your credit score. As much as possible, negotiate with your creditors to keep them from transferring your account to debt collectors.
Bankruptcy. A record of bankruptcy will stay in your credit history for seven years. Obviously, bankruptcy is a very derogatory mark which will cause your credit rating to fall. However, as soon as you’ve been discharged, take positive steps to start rebuilding your credit history.
Foreclosure. Unpaid mortgage loans will result to foreclosure. Having a record of foreclosure in your credit history will create a negative impression to lenders. This is why, everyone is advised to take their mortgage loan repayments seriously to avoid facing this problem.
Tax Liens. Tax liens will stay in your credit report for 10-15 years if you choose to pay them. On the other hand, if you refuse to pay your taxes, you’ll be facing legal suit which can result to losing your property. If your mortgage loan has been foreclosed because you did not pay your taxes, you will be still accountable to pay for your mortgage.
Law suits. If your creditor has filed a legal case due to debt default, it will stay in your credit report for seven years.
Credit Inquiries. If you’re in the habit of submitting several applications to different creditors, you need to stop. All inquiries made on your credit are all reflected in your credit report. Too many inquiries can make lenders skeptical or doubtful about your intentions for opening multiple accounts.
Liz Roberts is a freelance writer and loan consultant. The website www.badcreditresources.com offers resources that specialize in providing loans and credit cards for people with poor credit financing.
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